There are several criteria for accounting software. If you are looking at the cost, you can download a free package like GnuCash or you can pay for an elaborate system like MoneyWorks or MYOB. Choosing a beginner’s software for accounting depends also on the size of your organization and the type of operating systems you intend to use.
Types Of Programs For A Beginner’s Software For Accounting
For instance, GnuCash will work on all three major operating systems: Windows, Mac and Linux. MoneyWorks has versions only for Mac and Windows. Most software developers that sell accounting packages post a demonstration version of their package for free download and allow you to try it for a given period.
Free accounting packages may suit you if you have rather small expectations. If you need assistance, you will need to consider acquiring a paid solution. Nevertheless, a free package can be a good start for a small business. By the time you get more established, you will be able to afford a more advanced system.
Let’s take a look at some features of the two mentioned packages. GnuCash deals only with financial accounting and cannot handle stocks of merchandise. It will allow you to keep track of your bank accounts, income and expenses and financial stocks. It uses the principles of double-entry accounting. As far as stocks, it can handle stocks, bonds and mutual funds accounts. It can also keep track of customers and vendors, jobs, invoices, accounts payable and accounts receivable (that is money that you owe a supplier for something you bought from them and money that a buyer owes you for something they bought from you, respectively).
GnuCash can import data in the QIF, HBCI and OFX formats and can match transactions. It can produce reports, is able to work with scheduled transactions and do financial calculations.
MoneyWorks addresses both the small and the medium business. It offers upward compatibility, meaning that you can start out small with a cheaper package and, as your business expands, acquire a more powerful accounting system. The advantage is that data formats are preserved and thus, you can migrate without having to rekey all your numbers. Given the above, the producer offers different packages that address jobs of different complexities.
MoneyWorks Cashbook – A Beginner’s Software For Accounting
The beginner can use MoneyWorks Cashbook. This package addresses single traders, clubs, charities, churches and organizations that work mainly with cash. It will keep track of all payments and receipts. It can handle the goods and service taxes for each payment. It provides an automatically updated general ledger (that is the main accounting record of your business, which includes current and fixed assets, liabilities, revenue and expense items, gains and losses.) MoneyWorks Cashbook can import QIF data. It will maintain a record of customers, suppliers and products. Moreover, it provides reports, it allows you to make enquiries and a few other things. For more advanced uses, MoneyWorks offers the Express, Gold and Datacenter solutions.
As you can see, software for accounting is multi-featured. You need to carefully study the needs of your organization, in order to determine which package is best for you at the time. Best practices show that you should incorporate in this decision a realistic projection for growth. Obviously, consult with your high level accountants when choosing a beginner’s software for accounting.